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a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough. obviously, what happened here between the two leaders in the senate had broken down because they had come forward with a counter offer to what republicans said last night. hopefully the discussions between the vice-president and senator mcconnell will get us back on track and we will have a breakthrough and something we can vote on today or tomorrow to avert what we all believe would be an economic disaster. >> harry reid is as if you cannot come up with something by tonight that he will push a scaled-down version of what the president asked for, the tax cu
a dog to be reducing the deficit and debt. they say they want higher taxes on people in this country to pay for new spending. >> you have spoken a few times with the prize -- the vice president and it seems they have been able to come up with bipartisan deals. did he give you an indication that you just had with fellow republicans that it may be an avenue of success? >> there were conversations and discussions between us and we remain hopeful that it will be a breakthrough....
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we have to make cuts in budgets because we're dealing with a record debt in deficit. but if he wants to talk about consistency, perhaps he can explain why his own members of the european parliament voted against the budget freeze that we achieved last year. perhaps he could explain why the socialist group the european parliament are calling not for a freeze in the budget or an increase, but for a $200 billion euro increase in the budget. and while they're at it, they want to get rid of the rest of the economic rebate. >> reality is this -- he can't convince anyone in europe. last year he flounced out of the december negotiations with a veto and the agreement went ahead anyway. he throwed in the towel even before heeze -- he's gun. he's week abroad. he's week at home. he's john major all over again. >> a few hours later the common debate on the e.u. budget began in earnest. >> now, i think this multiannual framework, the e.u. budget a simple word to use is insane. to ask for a 10% real increase above inflation is insulting to our constituents. it's insulting to the peo
we have to make cuts in budgets because we're dealing with a record debt in deficit. but if he wants to talk about consistency, perhaps he can explain why his own members of the european parliament voted against the budget freeze that we achieved last year. perhaps he could explain why the socialist group the european parliament are calling not for a freeze in the budget or an increase, but for a $200 billion euro increase in the budget. and while they're at it, they want to get rid of the rest...
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Dec 27, 2012
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and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea that volcker had was a we will swap this. we will just turn it on its head. we will e
and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. -- game over. but if you are the united states of america and there are certain -- and you have the reserve currency of the world, and certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall...
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deficit is not balanced with the government public transport issue are not solved in one year. we're public transport continued a national priority. we can't -- [inaudible] for the like of my young cousin. we can deliver more transport to get students from point a to point b. we can build a better, brighter future for young people. so when the opposition argument say it's not a national campaign, a focus of the divided region. i tell you this, divided we are weak, but united are the nation we are strong. more nation, one notion, one campaign. better public transport. [applause] [applause] >> thank you very much ib keyed for that. i note we have been joined by the former government chief when the labour party was in office nick browne. the member of parliament. it's great to have you here. thank you for coming. to oppose the motion, i call from the east of england. [applause] >> thank you, mr. speaker. we are here for one reason. to make contain and empower the young people that we so proudly represent. but, -- the parliament campaign for the next year to be made public transpor
deficit is not balanced with the government public transport issue are not solved in one year. we're public transport continued a national priority. we can't -- [inaudible] for the like of my young cousin. we can deliver more transport to get students from point a to point b. we can build a better, brighter future for young people. so when the opposition argument say it's not a national campaign, a focus of the divided region. i tell you this, divided we are weak, but united are the nation we...
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. why was walmart producing it? i think it was a symbolic gest
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. there were some key elements. one was the proliferation of blue-collar workers in united states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do...
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>> i think this is important to review the deficit. he said the compromise is being looked at and he is urging them to come together right now in the senate to pass this bill. he wants both parties to work together and you could really see in his body language that he feels well right now. >> should there be a deal, what needs to happen in both houses of congress for the stopgap effort to go through? >> first, the senate will come together and decide the taxes for the wealthy will go up. now the question is who is wealthy? households to make more than $450,000 per year will see higher taxes. the next obstacle is what is going happen with the additional money? republicans would like to use that money to reduce the debts and democrats would like to spend it. they will find a compromise in the next hour. let's be optimistic. everyone is optimistic that they will finally pass a bill. mr. boehner will then try to find a common ground with democrats in the house and they will have to pass this bill as well. i'm not sure whether they will be
>> i think this is important to review the deficit. he said the compromise is being looked at and he is urging them to come together right now in the senate to pass this bill. he wants both parties to work together and you could really see in his body language that he feels well right now. >> should there be a deal, what needs to happen in both houses of congress for the stopgap effort to go through? >> first, the senate will come together and decide the taxes for the wealthy...
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finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were japanese or german, the profits, where do you invest them? where do you keep them? you keep them with the low inflation rate. that is one reason. one mechanism that helps attract the capital from the rest of the world and close the loop. wall street was another. it has an amazing capacity to create a metaphysical value out of nothing. walmart was another. is promoted the ideology of cheapness, which was calculated -- encapsulated so brilliantly. nobody needs a gallon of pickles. i don't think it fits in a fridge. wh
finance our deficits. and this is precisely how it worked. and the trouble was -- and if you want to understand exactly how the capital gains profits were attracted to the united states -- there are some key elements. one was, the commiseration of blue-collar workers in the united states. there were some key elements. one was the proliferation of states. that kept prices low. even with the oil crisis, prices in the united states rose more slowly than they did in japan or europe. so, if you were...
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budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six months that's not the. economic problems and indeed ireland is one of the most problematic as you say of the troubled states and has not got enough to deal with without holding the e.u. presidency as well at this stage. well yes it does have a great deal of challenges in the you of course the budget situation in europe in the european union isn't sorted out yet the whole situation regarding britain's membership is coming to the fore britain of course maybe will be having a referendum at some point on britain's terms of membership all these issues need to be discussed and agreed in the forthcoming year an
budget policies in many different areas amount of money that it can do it can spend to deal with the deficit but of course the problem itself in europe is of course austerity and that's hurting it creating a lot of unemployment it's creating a very severe recession so arlen's medicine that they're taking and partly suffering from but they're getting on with it isn't really vital for the rest of europe so if they're going to be driving forward the agenda in the european union for the next six...
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the budget deficit the fiscal crisis to the extent that it exists although granted a lot of corporations are sitting on their capital they're not investing in r. and d. so one necessity for supporting manufacturing is to have things like democratic firms and cooperatives and alternative banks that we move our money and so we need the synergy between people moving their money into these production platforms to get the high paid jobs that we need all right jonathan feldman we are out of time thanks so much for being on the kaiser report. thank you for having me it was a pleasure all right not going to do it for this edition of the kaiser report with me max kaiser and stacy herbert one time my guest jonathan feldman if you had to send me an e-mail please do so because a report of our t.v. dad are you next time ask us that well you know. something. law ease beneath. thousands of meters of costs control. for many. but dangerous even to those who keep it to distance. we've just. seen he used. to. say. you know sometimes you see a story and it seems so horrid you think you understand it and the
the budget deficit the fiscal crisis to the extent that it exists although granted a lot of corporations are sitting on their capital they're not investing in r. and d. so one necessity for supporting manufacturing is to have things like democratic firms and cooperatives and alternative banks that we move our money and so we need the synergy between people moving their money into these production platforms to get the high paid jobs that we need all right jonathan feldman we are out of time...
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> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or another we'll get through this. do i wish that things were more orderly in washington? and ration enamel? and people listened to the best arguments and compromised and operate in a more thoughtful and organized fashion? absolutely. when you look at history that's the exception rather than the norm. >> now here is your "first look" at politics. long lines in florida discouraged 49,000 people in voting. on "meet the press" tom brokaw says there's a simple explanation for what's wrong with our election and lawmakers sent to washington. >> the system is rigged. 75% of the congressmen come from gerry mandered districts in which they
> reporter: republicans say to be fair the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i said is i'm prepared to do everything i can to make sure medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock he remains optimistic but asserted democracy is messi. >> one way or...
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reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >> one way or another, we'll get through this. do i wish that things were more orderly in washington and rat n rational and people listened to the best arguments and compromised and operated in more thoughtful and organized fashion? absolutely. but when you look at history, that's -- that's been the exception rather than the norm. >> that was nbc's kristin welker reporting there. >>> now for a look at your new year's eve weather, here's nbc meteorologist bill karins. good morning you to. is it too early to say happy new year's? >> no. why not? >> happy new year's eve. happy new year's eve. >> let's go there. this is it. cold a
reporter: republicans say to be fair, the president must focus on entitlement reform to reduce the deficit. >> are you prepared to do that in your first year of the second term? >> what i've said is i am prepared to do everything i can to make sure that medicare and social security are there not just for this generation but for future generations. >> reporter: the president said despite the current gridlock, he remains optimistic but also asserted democracy is messy. >>...
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the budget deficit the fiscal crisis to the extent that it exist although granted a lot of corporations are sitting on their capital they're not investing in r. and b. so one necessity for supporting manufacturing is to have things like democratic firms and cooperatives and alternative banks that we move our money and so we need to synergy between people moving their money into these production platforms to get the high paid jobs that we need all right jonathan feldman we are out of time thanks so much for being on the kaiser report. thank you for having me it was a pleasure right now going to do it for this edition of the kaiser report with me max kaiser and stacy herbert my guest jonathan feldman if you had to send me an e-mail please do so at kaiser reported r.t. t.v. dot ru the next time ask us a bio. for . the. bright. moon and sun moon from funds to question. please don't talk t. don't come. i. deadly rivals some decades. if good fifteen thousand people killing each other in any other country there would be diplomats there would be mediators. self-imposed out costs from society i
the budget deficit the fiscal crisis to the extent that it exist although granted a lot of corporations are sitting on their capital they're not investing in r. and b. so one necessity for supporting manufacturing is to have things like democratic firms and cooperatives and alternative banks that we move our money and so we need to synergy between people moving their money into these production platforms to get the high paid jobs that we need all right jonathan feldman we are out of time thanks...
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we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i have to consider and i'm considering moving to a tropical island and watching america go down the drain. we need to abolish social security, medicare, and medicaid. host: i will stop you there. we appreciate your thoughts. joseph says -- will go back to stay but by the president on the passing of norman schwarzkopf. host: "his legacy will e ndure." back to your calls. caller: good morning. god bless us. [indiscernible] where is the love? .e're at a church when the president and everybody was running. the church was all over the program.
we have a $16 trillion deficit right now. we have the deficit because of social security, medicaid, medicare, welfare, food stamps -- all policies put into effect by the democratic party. everything is socialism. thomas jefferson said it best -- the republic is doomed. people sacrifice -- i'm a libertarian. i am more objective. i'm not a republican or democrats. i have to wonder if i want to live in this country. 29% of americans got some kind of assistance when ronald reagan was president. i...
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it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will check back in with you. thank you so much. again, the update, the highlight there from kelly o'donnell. there's been a major setback at this point in negotiations. according to democratic sources telling some democrats they are in a worse place in the negotiations now than they have been in some time. we're keeping a close eye on capitol hill. all the fiscal cliff business, maybe we put it aside at some point. we are not going to talk about that. by all accounts, 2013 should be a year of economic recovery. it should be. in a new article in
it would have an impact on the deficit. the president and democrats said they would like to have more deficit reduction but they don't want middle income seniors paying for that. it's a tough, tough point. the president said he would be open to entitlement changes in a bigger, broader deal. that's not what this was intended to be in the last 48 hours or so. i don't have a crystal ball. the moment we are in right now, it's not looking good. >> kelly o'donnell, live on capitol hill. we will...
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but the revenue will barely make a dent in the deficit. is this president has put on the table quite an extraordinary amount of spending cuts to the shagrin of democrats i might add let's remember that this president has never walked away from the bargaining table. republicans will get the blame but does that mean that we shouldn't try? >> no. americans are the ones that are going to be hurt if the middle class families. there is a bill where the house could pass it to protect the majority of america's middle class families. which is a worse fate or voting to increase taxes on wealthy americans. they can come back and cut taxes in the new year and look good. >> it is not what looks worse. it is what is worse for the american people? >> doesn't that seem to be what they are worried about? >> to your point about tax increases, what we are looking at now, it is like a mortal wound gushing out of our chest. they come along and put a ban dade on our forehead. we need to not just raise taxes. if we give the president every tax increase that he w
but the revenue will barely make a dent in the deficit. is this president has put on the table quite an extraordinary amount of spending cuts to the shagrin of democrats i might add let's remember that this president has never walked away from the bargaining table. republicans will get the blame but does that mean that we shouldn't try? >> no. americans are the ones that are going to be hurt if the middle class families. there is a bill where the house could pass it to protect the...
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had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still knowledge and then the average here is a country that is i think we've been part of the euro zone we would have been in the worst position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i have to say is the person that had to take a decision as to whether or we should stop the banking system collapse i could take that decision consulting with the prime minister and we did it overnight if we did bob you reserve my guess is going on i would still be asking the question and discussing it no i don't i i just despair of the score off it decision making in the euro zone or inability in greece for example after two years to come to something that looks like it's credible it's going to stick and we have had our in currency for and we've seen a thirty percent depreciation in standing over. reason is why then have we been unable to export our way out of trouble i think is partly because of the depressed state of the world ec
had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still knowledge and then the average here is a country that is i think we've been part of the euro zone we would have been in the worst position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i have to say is the person that had to take a decision as to whether or we should stop the banking system collapse i could take...
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so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that, cost $600 billion per year in added interest expense. that's what we are trying to avoid with a fiscally responsible plan. >> we stand by with you and the rest of the folks on the hill to see what you get today. we wish you all the best in finding a solution. >> thank you. >> the president is blaming congress, specifically republicans in the house, republicans blame the president. who do the american people think is at fault? we have our spokesperson for the dnc and for the rnc. >> good to be with you. we be that the polling is not good for anybody in washington, wh
so this tax increase will take care of maybe 3 to 7% of the deficit. he has talked about a balanced approach. what is the solution for the other 93%? that's what we have to start getting our arms around. creditors around the world, at some point are going to take a look at the united states government and say, we are not going to loan you money. when the interest rates inch up, we crowd out all kinds of spending. if we revert to the average interest rate we had from 1970 to 1999, 5.3% that,...
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had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still larger than the average euro zone countries is i think we've been part of the euro zone we would have been a worse position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i. probably should have stopped. have we been unable to export our way out of trouble i think is partly because of the depressed state of the world economy you know we sell a lot to america and america's growing but at a pretty low rate look at the euro zone where half of what we produce goes the eurozone is in recession and you know that ok the germans are doing a little bit better than that but it's not surprising you know if you've got this sort of don't term that you don't automatically get the benefit you would expect but you know there's been a lot of discussion in britain by rebalancing the economy you know that's fine but it's very difficult to do it when that economy is in recession what do you make of the current debate about changing ou
had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still larger than the average euro zone countries is i think we've been part of the euro zone we would have been a worse position because we didn't wouldn't have our own currency and we wouldn't have our own central bank and also you know i. probably should have stopped. have we been unable to export our way out of trouble i think is partly because of the depressed state of the world...
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going to end pretty soon and when the dust clears nothing's going to be really done about our growing deficit our debts and so on so i want to take gold off the radar screen as much as possible as a go to barometer of u.s. financial market health and in your view clarify for our viewers who aren't familiar with gatto what you mean when you say gold cartel. well it's going to take a stab pressed. the major investment houses. that are backstopped. of the world from central banks that are basically their masters in the gold market but you know the contrary in the gold market. is long as they're doing what the central banks want them to and if they ever run short of gold the central banks are there to provide it if this is the case why is this anything to write home about i mean we hear about manipulation by high frequency traders using quote stuffing to make an extra buck we have central banks manipulating interest rates globally which our. luli impacts markets we have banks private banks across the world that were manipulating library which obviously is a scandal but we see this so many differe
going to end pretty soon and when the dust clears nothing's going to be really done about our growing deficit our debts and so on so i want to take gold off the radar screen as much as possible as a go to barometer of u.s. financial market health and in your view clarify for our viewers who aren't familiar with gatto what you mean when you say gold cartel. well it's going to take a stab pressed. the major investment houses. that are backstopped. of the world from central banks that are...
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we have had 1.422, 1.29 and on the way to another trillion dollars deficit for these years. what the president is proposing is not pragmatic whatsoever and really is a reflection of him i suppose living in a fantasy world. >> what do you think the deal that speaker boehner offered the president? >> well, i was against the plan b because i don't see this as being a tax revenue increase issue. most important is spending. we could georgia back -- go back to the simpson bowles commission. the most important thing, we have to deal with spending. we live in an america where the federal government now is spending 25% of our gross domestic product. when you study the obama budget that would increase to 32%. that's where the problem has to i am emanate from. the spending side of our budget is 62% of what we spend money on. it's not just about defense or discretionary. >> is there any indication the president's deal, that he may come back with, will address spending? i haven't heard substantial spending cuts out of any deals on the left. >> absolutely you are not hearing that whatsoev
we have had 1.422, 1.29 and on the way to another trillion dollars deficit for these years. what the president is proposing is not pragmatic whatsoever and really is a reflection of him i suppose living in a fantasy world. >> what do you think the deal that speaker boehner offered the president? >> well, i was against the plan b because i don't see this as being a tax revenue increase issue. most important is spending. we could georgia back -- go back to the simpson bowles...
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unemployment insurance is still available for two million people lay the ground work then for additional deficit reduction and economic growth steps to take in the new year that. >> bill ass the president calls the bare minimum isn't what many on capitol hill had hoped for. it pushes off until next year the larger problems of dealing with the debt ceiling and automatic spending cuts. study by george mason university found spending cut will result in two million jobs lost and 215 billion dollar drop in the nation gross domestic product. that's the value of all the goods and services produced. for california it means defense spending would be cut by half billion dollars. 12,000 children from low income family would look the access to head start programs, 2,000 fewer women not given screening for breast cervical cancer. domestic violence people would lose services. 8,000 tour california tested for hive and 2 96,000 students would see their title 1 benefit cut. employment assistance to 143 143,000 job seekers also cut. and uc health system could face 21 million in cuts from the loss of medicare reve
unemployment insurance is still available for two million people lay the ground work then for additional deficit reduction and economic growth steps to take in the new year that. >> bill ass the president calls the bare minimum isn't what many on capitol hill had hoped for. it pushes off until next year the larger problems of dealing with the debt ceiling and automatic spending cuts. study by george mason university found spending cut will result in two million jobs lost and 215 billion...
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a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi, united press international. and the whole thing took off from there, and we take nominations from all over the world. whatever floats to the top gets to our list. >> and is i was going to ask how that happened. people can, what, make suggestions, somehow contact your university and say here's a word i want banished. >> lssubanished. do a search and it will get you right to our page. and there is still time to vote, by the way. the list comes out on monday at 12:01. if we get anymore packed ballot boxes, we'll include those. >> do that right now. a few of the words banished for 2012,
a lot of people are worried it's going to decrease the deficit. so a lot of complicated issues and political issues. and we hear it all of the time. >> let's talk about lake superior state university and how this list compiling all began. >> it was a bet new year's eve, 1976. >> long ago. >> yep. and they discussed how many words and phrases are overused too often. and the originator of this list back in 1976 went back and drew up a list of five words to submit to upi,...
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Dec 31, 2012
12/12
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republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration saying the president is trying to put the blame on them for going off the cliff but when senator mcconnell was brought a few days ago mcconnell's office says he got a call from senator reed or democrats to talk about the fiscal cliff in about a month. they feel like they have not gone the extra pile here. >> the vice president getting a call today. what do they make of all of that? >> that could be a big deal. it shows the white house push back they are going to say look he has been pulling out all of the stops with the vice president in delaware came to the white house today working the phones we are told they had multiple conversations with senator mcconnell. a year and a half ago they talked about raising the debt ceiling it was joe biden a lot of years working
republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >> republicans are expressing frustration saying the president is trying to put the blame on them for going off the cliff but when senator mcconnell was brought a few days ago mcconnell's office says...
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Dec 27, 2012
12/12
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CNNW
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they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> maria, all the focus on tax cuts. but the revenue from increasing the taxes on the wealthy will barely make a debt in the deficit to say nothing of the trillions in debt we're talking about. is this just a symbolic fight that the president is determined to win off his election? >> it's not symbolic. there will be money raised if the tax cuts for the top 2% are left to expire. but let me just bring up a point. no democrat and certainly not this president has said there should be no spending cuts. on the contrary this president has put on the table quite an extraordinary amount of spending cuts to the cha
they could have had a more popular message about cutting deficit spending, right? >> the truth is they would have been a lot better off taking the deal that boehner was negotiating with president obama way back when. it was a better deal all the way around. they missed that moment. but i think the real thing is who pays the price. the people who are going to pay the price are the americans, the middle class. this is crazy. it's nuts to be putting us through this. >> maria, all the...
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Dec 27, 2012
12/12
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they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts but the revenue from increases the taxes on the wealthy will barely make a dment the deficit to say nothing of the trillions of dollars in debt we are talking about. it is a symbolic fight the president is determined to win off of his re-election. >> it is not symbolic. there will be money raised if the tacks for the top 2% are left to expire. let me bring up a point. no democrat and certainly not this president, has said there should be no spending cuts. on the contrary. this president has put on the table quite an extraordinary amount of spending cuts to the sh grin of many democrats, i m
they could have had the more popular message about cutting deficit spending, right? >> the truth is they would have been better taking the deal that john boehner negotiated with president obama way back when. they missed the moment. i think the real fear is who pays the price. i think the republicans has a point but will pay the price and the real people that will pay the price are the americans, the middle class. it is crazy to put us through this. >> all of the focus on tax cuts...
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Dec 24, 2012
12/12
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we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long as you create the circumstances so that german entrepreneurs, later chinese, take their profit, which they earned and they send it to wall street. thus closing the cycle, the recycling loop. so, effectively what we have between 1940's and 1971, 1973, you had global surpluses being recycled from united states to the rest of the world. the capitalist world. the western world. ok? so, the united states was an exporter to europe and japan. it was making profits. it was then recycling to europe and japan. so they would keep on buying. once the surplus shifted to japan, germany, and china, the idea t
we are going to expand our dominance and are well by expanding our deficit and using our deficits to provide the rest of the world with the demand which is necessary to grow their economies, even at the expense of hours. and who is going to pay for the deficit? if i have an ever-expanding deficit, the bank tells me it is came over. but if you are the united states of america and there are certain other factors that i will touch upon later, what you can do is you can expand your deficit as long...
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Dec 30, 2012
12/12
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it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay for new spending. >> republicans continue saying they're waiting for harry reid to make a counter offer. >> they're not making that tonight. he's told us that's not going to happen it but they're working on it. a sounds like a change of entitlement programs is irritating them. >> republicans created way of calculating inflation to lower payments to recipients of social security. the senate majority leader offered this update a short time ago. >>> i was really gratified to hear republicans took their dammed for social security benefit cuts off the table. they should never have been on the table. there's still significant distance between the sides but negotiations continue. there's still time left and we intend to continue negotiations. >> senator mitch mcconnell says there was no single issue that remains an impossible sticking point. all that's is needed he says is a willingness, interest, or courage
it ought to be about reducing the deficit and debt. they're suggesting we want new taxes, higher taxes on people in this country to pay for new spending. >> republicans continue saying they're waiting for harry reid to make a counter offer. >> they're not making that tonight. he's told us that's not going to happen it but they're working on it. a sounds like a change of entitlement programs is irritating them. >> republicans created way of calculating inflation to lower...
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Dec 29, 2012
12/12
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i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an aberration in the tax code. it is grossly unfair. you look at if they raise, say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean that small businesses, a lot of small businesses are going to be paying that nearly 40% marginal tax rate where you have billionaire private equity funds, you know, paying 15, 20, or 2 4 depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor and those who make the income through wages. and they're both legitimate and both should be taxed at th
i don't think from this point that we'll get meaningful deficit reduction. certainly not meaningful tax reform. i do think that there will be perhaps a permanent extension of the lower tax rates for those making at least under $500,000. the payroll tax cut on the other hand will go away, i think. it's highly likely. that is going to impact a lot of workers. >> bair also took on the credit sthamp increasing the -- criticism that increasing the tax on capital gains. >> this is an...
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Dec 28, 2012
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. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president reach a deal. if they don't reach a deal on december 31, which is my prediction, i believe sometime before the end of january, they will reach a deal. but my goodness. one of the things that is frustrating is we have known this day was coming for the last two years. yet here we are, 72 hours away and we don't have a resolution. gregg: this is a contrivance that they are desperately trying to fix. our member the president said in a debate, the debate, he said that i didn't come up with this. then bob woodward came out and said, yes, you did. you know, both a top aide
. >> warren buffett could pay off the deficit he wanted to. but it is to be that a deal will happen after january 1. does that make any difference? >> yes, it does. i think some of all this panic is a little bit overwrought. if they don't reach a deal in the next 22 hours or so, then we go into january, and the stakes get so much higher. as you said, people will start feeling immediately the effect of those higher taxes. and that will put the pressure on the congress and president...
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Dec 26, 2012
12/12
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. >> last year we were in a deficit situation and we really needed to make up some ground. luckily we have a lot of ground water storage capacity. this series of storms have helped with the reservoir capacity. >>> a member of the alpine meadow ski patrol has died after being buried in an avalanche. bill foster died overnight at a reno hospital. yet the ski patrol used explosives to trigger the avalanche in a private area of the resort near lake tahoe. resort officials say the avalanche broke much higher and wider on the slope than expected burying foster in the snow. >>> we'll go to the sierra for updates on conditions there tonight as this latest storm bringing everyone more snow to the high country. you can get the latest weather conditions any time online or on your mobile device at ktvu.com. look for the link to storm tracker 2 near the top of the page. you can also follow us on twitter. we postupdates on the ktvu channel 2 facebook page. >>> police found dozens of shell casings on the ground where a man was shot and killed. neighbors told our photographer that they hea
. >> last year we were in a deficit situation and we really needed to make up some ground. luckily we have a lot of ground water storage capacity. this series of storms have helped with the reservoir capacity. >>> a member of the alpine meadow ski patrol has died after being buried in an avalanche. bill foster died overnight at a reno hospital. yet the ski patrol used explosives to trigger the avalanche in a private area of the resort near lake tahoe. resort officials say the...
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Dec 28, 2012
12/12
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they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would have asked different questions than were asked. that is one of the reasons we got where we are. >> could you have been any more vocal about appropriations? >> i was vocal. when i got on the appropriations committee, i became chairman of the legislative branch. that is everything, all of the buildings. office buildings, 1700 capitol police forces, and all of their help, support staff. i held the growth flat. then we cut it by almost 5%. this time around, we let it grow a little bit higher. protect the dome so it did not fall in.
they did not show as a deficit. while the budgets looked reasonable during that time, the actual spending was greater. people did not pay as much attention to the debt. it just kept mounting and growing. we borrowed to pay for the worse when we did not ask people to make sacrifices financially. there is a difference between borrowing in the future, pang forward and backwards, or having to pay right now. people might have felt differently if they had felt a pinch right at the time. they would...
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Dec 26, 2012
12/12
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and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income, the high income, would pay, say 20% on every item they purchase, every item, to the federal government. that is what the europeans do to afford these big governments. gregg: what would it do? >> say that again? gregg: what would it do? >> that, that what would happen is, we were turn into europe. we all see it. we see greece, and spain and italy, and france. they all grow slow of the they have extremely high unemployment rates. we would have a slow economy and high unemployment forever if we taxed ourselves like that. gregg: all right. >> this idea that somehow you can't tax the middl
and that would still leave an $800 billion deficit. we can not tax away the deficit. gregg: sure we can. we can do the value-added tax. >> well, and that's what worries me. if we don't cut spending, spending right now, the federal government is the largest it has ever been as a share of our economy. it takes up more of our economy than ever, the only way to pay for it is to put in a european-style value-added tax. which means every american, everyone, the lower income, the middle income,...
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Dec 29, 2012
12/12
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WBAL
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last-minute process calls into question washington's ability to deal with the hard issues of tax reform and deficit reduction. >> the prospects for the economy are incredibly dim until we put in place a bigger deal, tackle these challenges, and put some certainty into the economy and boost confidence. >> reporter: meanwhile, americans watched with worry and frustration. >> i think they're all failing us a great deal and i'm so sick and tired of them fighting. >> the equivalent of worried about your mortgage after you're already homeless. so it's, like i said, sad. they have a job to do and they're not doing it. >> reporter: now, with public pressure mounting, the house and senate are expected to be back in session tomorrow, ready for a vote that could impact the economy for better or for worse. kate? >> kristen welker at the white house. nbc's moderator of "meet the press" david gregory joins me now. as we've said, david, you sat down with president obama this afternoon for an exclusive interview that airs tomorrow morning, but give us a hint. is he optimistic? do you come away with any hope that w
last-minute process calls into question washington's ability to deal with the hard issues of tax reform and deficit reduction. >> the prospects for the economy are incredibly dim until we put in place a bigger deal, tackle these challenges, and put some certainty into the economy and boost confidence. >> reporter: meanwhile, americans watched with worry and frustration. >> i think they're all failing us a great deal and i'm so sick and tired of them fighting. >> the...
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Dec 30, 2012
12/12
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we have a trillion dollars worth of deficit over year, and we need to sustain that. we know the wealthy will have to pay more and the poor will have to have fewer benefits and the middle class will have to deal with fewer programs and the middle class will have to give away subsidies in exchange for a lower tax rate, but swrae to move forward and create more jobs and grow the economy because the only way to head the recovery. >> i want to pick up on the word certainty, and i have a feeling uncertainty may be the new normal. our business leaders are going to have to figure out a way to make money in a less certain environment. that's going to be difficult for those who have traditionally had -- known what they were dealing with, but i am not certain going forward that's going to be the way we will see our government operate. here we are just a few days before we go through the cliff, and there's no evidence we're anywhere near a deal. i just think that once we get passed the doomsday date of january 1st, we will see that the sun will still come up and we will figure o
we have a trillion dollars worth of deficit over year, and we need to sustain that. we know the wealthy will have to pay more and the poor will have to have fewer benefits and the middle class will have to deal with fewer programs and the middle class will have to give away subsidies in exchange for a lower tax rate, but swrae to move forward and create more jobs and grow the economy because the only way to head the recovery. >> i want to pick up on the word certainty, and i have a...